Do your current homeowners insurance rates put a strain on your monthly finances? The insurance companies’ logic is simple: the safer your home, the less likely you will need to make a claim. It’s essentially a big guessing game on the part of the insurance company. Making a few modest updates could make a substantial impact. These changes will enhance curb appeal, lowering your rates at the same time. You’ll probably improve the value of the home, too. Here are 7 projects that will get the ball rolling.
7. Install a Fence Around the Pool
Having a protective fence surrounding the pool can help keep your family safe. A four-sided isolation fence separating the pool from the yard and the house will further protect your loved ones. According to the CDC, “A four-sided isolation fence…reduces a child’s risk of drowning 83% compared to three-sided property-line fencing.”
Installing this fence will reduce the risk of liability regarding the pool, making the home easier to cover in the eyes of the insurance company.
6. Upgrade Your Garage Door
Is your garage door a little flimsy? Even if it looks like it can stand up to a storm, it’s important to make sure can stand up against other factors like determined thieves and vandals. Improving your home’s safety by installing a sturdy garage door can be a factor in determining your homeowner’s insurance premiums.
4. Get Your Wiring up to Code
If you have an old house, it wouldn’t be surprising if your wiring isn’t up to code. Consult your insurance rate report for clarification on this if you’re unsure. Homes that don’t meet the code requirements are at a higher risk for fire and electrical malfunctions, which makes insurance companies squirmish. However, if you take the time to get the wiring up to code, it could very well make a significant impact on your insurance rates. Check with your company first to see if it has any specific guidelines to follow, and then make sure to let your agent know once you’ve updated the wiring.
3. Install Security and Safety Devices
Most insurance companies offer lower rates for homes that are equipped with basic safety measures like deadbolt locks, up-to-date smoke detectors, carbon monoxide detectors and security alarms. The safer the house is for you to live in, the safer it to insure. Each of these devices lowers the risk of having to make a claim, which in turn should shrink premiums. It’s a good idea to check with your insurance provider to see if they have any discounts on specific safety measures you can
2. Plant Fire-Resistant Shrubs
If you live in a dry, hot climate, the risk of fire damage is much higher. In the eyes of home insurance companies, this makes your home a major liability. Reduce their concern by planting shrubs around the home that are not prone to catching ablaze.
Though fires can happen anywhere, this is most relevant in areas where wildfires are common. Ensuring that there aren’t plants near the home can help with your insurance costs in some areas of the country.
1. Install Storm Shutters
Regardless of whether you live in an area that gets a lot of storms, storm shutters may help you catch a lower rate as well. This is because these shutters will help keep the glass from breaking and the insurance company from having to pay out in the event of a natural disaster. This is a very simple and very effective way to lower your rates.
Homeowner’s insurance rates can go up or down, depending on how you maintain your home. Make these simple modifications and your insurance company – and your wallet – will thank you.
